<p>I am in my second semester at Loyola University Chicago and considering transferring based solely on financial reasons. I am enrolled in the school of business, on track for the 5 year MBA program and I have a 3.5 GPA and am very active in student activities (Marketing Club, member of a professional fraternity, volunteer weekly)</p>
<p>My parents never attended college and are unwilling to pay any of my expenses, yet insist that attending Loyola is the correct choice. They keep reiterating the point that the debt will be worth it in the long run. I am very happy at Loyola ( it was my first choice) but am worried about what the next twenty years will bring.</p>
<p>I am in debt about $16,000 for this year alone. $11,500 of which is an alternative loan. I want to stay here, and I feel that if I get a 5 year MBA, I will be able to pay off my debt. But I sometimes wonder if I should just cut my losses and transfer to a school that is cheaper. My alternative loan cap is $50,000, so I'm forced to work my tail off just stay stay below the cap. I'm not even sure if my lender will continue loaning me money, considering I have no credit. Is a second-rate Loyola education worth this stress and debt?</p>
<p>It sounds like your are a bright and inquisitive person. I am not familiar with Loyola, and do not know if it is really a "second-rate" university. You might talk to your career placement office, and ask this question of graduates of this program-or informational interviews with prospective firms you may wish to seek employment from upon graduation.
The idea of earning your BA/BS and a MBA within 5 years is attractive-versus-4 year plus 2 years.
Good Luck!</p>
<p>You need to first of all have some good discussions with your lender and the financial aid office regarding parameters of borrowing, so you know what your limits are. It sounds like a scary place to be in, and getting some firm answers as to dollar limits will resolve part of your question. </p>
<p>There is a thread on here regarding college debt that might be worth your while to read. Mostly negative. But hard to give up a situation that is working so well for you.</p>
<p>Go to the Loyola fin aid office and see if they can help you reduce that debt to $5k per year. Sign up to be an RA for two years. Consdier taking a year off to work. Get on craigslist and see if you can find a high paying summer job, a higher paying school year job. Do you have a skill (computer?) that some company would pay $20 per hour to employ?</p>
<p>This is all about the Benjamins, baby--your exact field of interest. Make your Loyola education your first business case study and experiment. Reduce your expenses and increase your income--somehow, someway.</p>
<p>What schools are you considering that would be cheaper for you? What is your in-state university? There are some excellent state schools near you. Would you be able to transfer in to their business majors, do you think?</p>
<p>I truly believe that my parents would assist me if they were able to. But due to divorce, bankruptcy and being forced to support two younger siblings, I don't believe they can. I've supported myself financially for a while now, and I've developed moral issues with asking them for money. Plus, my younger brother will be attending college in the 6 years, and I believe, that it'd be more worthwhile to invest their money into his education (if they decided to) so that the money could gain interest. (More bang for the buck)</p>
<p>If I were to transfer, I would most likely transfer to a 3rd tier school near home.</p>
<p>I'm not from Chicago, so employment options are minimal, and I have essentially no "good connections" for jobs.</p>
<p>University of Illinois-Champagne would be my number one option for transferring, but I do not believe that the minimal change in cost would be worth starting from scratch again. I would be middle of the road at U of I, and I can't imagine them throwing a significant amount of money at me.</p>
<p>I'm open for going anywhere in the nation, as long as it is affordable and decent preparation for graduate studies. I'm so confused as to what to do. Any recommendations for a possible school to transfer to, if I were to leave?</p>
<p>Thanks so much for your help so far everyone. It's very comforting.</p>
<p>If there is divorce and bankruptcy, where does your family stand in terms of financial need? </p>
<p>I am sorry to say this, but I think that, given your parents own financial situation, they may not be the best advisers on whether major debt is a good idea. </p>
<p>So, give us a little more information. What is your state of residence? What is your EFC? Can you give us a little more information on your stats, so that we might have an idea of schools that would be a match for you? Your college GPA is quite good, but many transfer apps will consider your hs GPA and SAT/ACT as well. Do you know the policies of your in-state schools on need-based aid for transfer students (if you qualify for need-based aid?)</p>
<p>I would see what the rules on emancipation are for financial aid purposes and utilize that angle....declaring independence from parents may qualify you for grants or other programs. Another option is a co-op program for mba at your school where you take a semester to work, get paid, and the back to school.
I had a similar situation in undergrad, my father lost his job, so i got them to take me off their tax forms and i qualified for much more aid, left college with little debt. ( I also worked two pt jobs during college) good luck.</p>
<p>My state of residence is Illinois. I did poor on the ACT with a 24, but most schools stop looking at that after 30 credit hours of college. I'm in a professional fraternity, marketing club, and volunteer weekly. In high school, I was the captain of three varsity athletic teams and a member of National Honor Society.</p>
<p>My EFC last year was, somehow, almost $11,000 and I failed to receive the MAP or Pell grant at first. But I wrote my congressman and senators, and mentioned how I was a future voter and my circumstances, and shortly after, someone decided that I was truly poor enough for the MAP grant. Funny how that works.</p>
<p>For a bit of clarification, my father was bankrupt almost 5 years ago, so it isn't the huge financial burden you might assume immediately. But it still takes a while to establish yourself afterwards</p>
<p>I could attend Western Illinois University for next to nothing and get drunk nightly, pull off a 3.8 gpa, and live in rural Illinois all my life. But, personally, I'd rather pay off debt for the next 60 years of my life. No offense to WIU graduates. U of I, I believe, is the only other option, and it seems to be nearly as expensive as Loyola.</p>